Kabbage - COC re Order to Enforce CUBI Settlement
- Date
- 2023-03-28
Summary
An Order Enforcing the Settlement Order and the Settlement Agreement Between KServicing and Customers Bank, filed March 28, 2023 as Doc 732 in In re Kabbage, Inc. d/b/a KServicing, et al., Case No. 22-10951 (CTG), in the United States Bankruptcy Court for the District of Delaware. The order recites the Debtors' motion under Section 105(a) of the Bankruptcy Code [Docket No. 340], the evidentiary hearing held March 20, 2023 and the decision read into the record on March 22, 2023. It grants the motion and finds that Customers Bank owes $1,555,656.00 to the Debtors as further payment of the Settlement Payment, determining the total Settlement Payment to be $22,055,340.00. It directs Customers Bank to pay within three business days and retains the court's jurisdiction. The two-page order is signed by United States Bankruptcy Judge Craig T. Goldblatt.
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Full text
Case 22-10951-CTG Doc 732 Filed 03/28/23 Page 1 of 2
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE
------------------------------------------------------------ x
:
In re : Chapter 11
:
KABBAGE, INC. d/b/a KSERVICING, et al., : Case No. 22-10951 (CTG)
:
Debtors.1 : (Jointly Administered)
:
: Re: Docket Nos. 340-342, 356, 358, 359,
670, 671, 672
:
------------------------------------------------------------ x
ORDER ENFORCING THE SETTLEMENT ORDER AND THE SETTLEMENT
AGREEMENT BETWEEN KSERVICING AND CUSTOMERS BANK
Upon the motion2 of the above-captioned debtors and debtors-in-possession (the
“Debtors”) for entry of an order, pursuant to Section 105(a) of title 11 of the United States Code
(the “Bankruptcy Code”), among other things, enforcing the Court’s Order Authorizing and
Approving the Settlement Agreement Between KServicing and Customers Bank and Granting
Related Relief [Docket No. 232] (the “Settlement Order”) and the Settlement Agreement; and in
consideration of the Motion and the requested relief being a core proceeding pursuant to 28 U.S.C.
1
The Debtors in these chapter 11 cases, along with the last four digits of each Debtor’s federal tax
identification number, as applicable are: Kabbage, Inc. d/b/a KServicing (3937); Kabbage Canada
Holdings, LLC (N/A); Kabbage Asset Securitization LLC (N/A); Kabbage Asset Funding 2017-
A LLC (4803); Kabbage Asset Funding 2019-A LLC (8973); and Kabbage Diameter, LLC (N/A).
Kabbage is a trademark of American Express used under license; Kabbage, Inc. d/b/a KServicing
is not affiliated with American Express. The Debtors’ mailing and service address is 925B
Peachtree Street NE, Suite 383, Atlanta, GA 30309.
2
Capitalized terms used herein and not otherwise defined shall have the meanings given to them
in the Motion of Debtors for Entry of an Order Enforcing the Settlement Order and the Settlement
Agreement Between KServicing and Customers Bank, (Dec. 7, 2022) (“Motion”) [Docket No. 340]
and Debtors’ Reply in Further Support of Motion of Debtors for Entry of an Order Enforcing the
Settlement Order and the Settlement Agreement Between KServicing and Customers Bank
(“Reply”) [Docket No. 670].
RLF1 28784772V.1
Case 22-10951-CTG Doc 732 Filed 03/28/23 Page 2 of 2
§ 157(b)(2); and the Debtors and Customers Bank (“CB”) having consented to entry of a final
order by this Court under Article III of the United States Constitution; and venue being proper
before this Court pursuant to 28 U.S.C. §§ 1408 and 1409; and appropriate notice of and the
opportunity for a hearing on the Motion having been given; and the Court having held an
evidentiary hearing on March 20, 2023; and the Court having determined that the legal and factual
bases set forth in the Motion establish just cause for the relief granted herein; and after due
deliberation and sufficient cause appearing therefor;
NOW, THEREFORE, IT IS HEREBY ORDERED THAT:
1. For the reasons set forth in the decision read into the record by this Court
on March 22, 2023, the Motion is GRANTED as set forth herein. All other aspects of that Motion
have been withdrawn and are no longer controverted as set forth on the record at the Motion
hearing on March 20, 2023.
2. CB is hereby found and adjudged to owe the amount of $1,555,656.00 to
the Debtors as further payment of the Settlement Payment under the Settlement Order, and the
total Settlement Payment is therefore determined to be $22,055,340.00.
3. CB is directed to and shall, within three (3) business days of entry of this
Order, pay $1,555,656.00 to the Debtors in accordance with payment instructions to be provided
by the Debtors.
4. This Court retains exclusive jurisdiction to hear and determine all matters
arising from or related to the implementation, interpretation, and enforcement of this Order.
Dated: March 28th, 2023 CRAIG T. GOLDBLATT
Wilmington, Delaware UNITED STATES BANKRUPTCY JUDGE
2
RLF1 28784772V.1
File and source
- File
- gov.uscourts.deb.188293.732.0.pdf
- Size
- 178,616 bytes
- SHA-256
- e750f262305586fac716abcf30290a255ca03afe5c6d970f768a86be0c374112
- Original
- archive.org